Rise in October Existing-Home Sales

According to National Association of REALTORS®, October saw existing-home sale improve with a decline in the number of homes on the market.

Total existing-home sales, defined as successful transactions which encompass single-family, townhomes, condominiums and cooperatives, for October increased 1.4% to a seasonally-adjusted annualized rate of 4.97 million -- 13.5% above the level in October 2010.

For single-family, townhomes & condos in Rehoboth Beach the October median sales price was $412,553. For Sussex County Delaware, the October median sales price of single-family homes was $250,000 -- 0.5% decline from a year ago. Townhomes & condos were hit particularly hard with a median sales price of $265,778 -- an 11.7% decline from a year ago.

For the Northeast region, October existing-home sales fell 5.1% to 750,000 (annualized) but are 1.4% above October 2010. The median price was $224,400 -- a decline of 5.5% from a year ago.

On a nation level, the median existing-home price in October was $162,500...4.7% lower than in October 2010. Distressed home sales comprised of 28% total sales in October, down from 30% in September and from 34% in October 2010.